Underweight High-Conviction The latest GDP release as it pertains to housing made for grim reading: residential fixed investment has subtracted from real GDP growth for five consecutive quarters, which is unprecedented outside of a…

Lumber is a hyper-sensitive variable that has historically moved in lockstep with the SPX, its momentum (bottom panel) and of course EPS. Lumber’s leading properties are tied to the housing market link and the recent plunge in…